IFF has completed its mega-merger with DuPont’s Nutrition & Biosciences (N&B) business. The combined company will continue to operate under the IFF name. Shares of the combined company’s common stock will trade on the New York Stock Exchange under the symbol “IFF.”
At the time of the announcement, the deal was positioned as a “pivotal moment” for IFF’s ambitions to expand beyond flavors.
As part of its new brand identity, IFF has also launched a new tagline, purpose, brand commitments, and cultural attributes and values. The company believes that these brand components will support the success of the four divisions that now comprise the new IFF: Taste, Food & Beverage, Scent, Health & Biosciences and Pharma Solutions.
Under the terms of the transaction, which was previously announced on December 15, 2019, and received approval from IFF shareholders on August 27, 2020, the combination was executed through a Reverse Morris Trust transaction.
As a result of the completion of the deals, DuPont received a one-time US$7.3 billion cash payment.
Effective at transaction close, DuPont shareholders own 55.4 percent of the combined company and IFF’s shareholders own 44.6 percent.
Combining creativity, innovation and commitment
“We are thrilled to officially unite IFF and N&B, forging a leader in the global consumer goods and commercial products value chain that will redefine our industry and create a leading ingredients and solutions provider for our customers across a broad range of end-markets,” says Andreas Fibig, IFF chairman and CEO.
“With our combined platform, IFF is an essential partner for our customers, uniquely positioning us to address our customers’ evolving needs, unlock long-term value creation and accelerate our pursuit of new, creative and integrated solutions.”
“Through an unprecedented last 12 months, both the IFF and N&B teams have remained incredibly focused on executing our respective business plans and setting the foundation to bring this combination to life,” Fibig notes.
“I’m extremely proud of what our teams have accomplished to complete the transaction on time despite a year of unprecedented challenges,” says Ed Breen, DuPont executive chairman and CEO, who joins the IFF board of directors.
Unlocking long-term value
According to Breen, the new IFF is well-positioned to deliver growth and unlock long-term value for shareholders, customers and employees.
“I also want to salute our N&B colleagues for their contributions to DuPont and wish them success in the years ahead,” he adds.
“I welcome our new N&B colleagues to the IFF family, and I look forward to working with Ed as we continue our integration efforts and focus on driving long-term, sustainable growth,” Fibig asserts.
In May, Fibig hailed the deal “a transformative moment.”
In the same month, in an exclusive interview with FoodIngredientsFirst, Fibig said: “We have established our integration office and are starting to leverage some of the learnings and best practices that we have had from previous transactions to create a good and solid foundation.
Leading market segments
The combination of IFF and N&B creates a global leader in high-value ingredients and solutions for the Food & Beverage, Home & Personal Care and Health & Wellness markets, with estimated 2020 pro forma revenue of more than US$11 billion and EBITDA of approximately US$2.5 billion, excluding synergies.
The complementary portfolios give the company leadership positions within the Taste, Texture, Scent, Nutrition, Enzymes, Cultures, Soy Proteins and Probiotics ingredient categories.
The combined company’s global reach and enhanced capabilities will enable innovative solutions to respond to customer demands and increase consumer preferences for natural, healthier and better-for-you products.
The new IFF will be a customer-focused leader with an enhanced ability to deliver long-term value while upholding its commitment to safe, sustainable practices and products.
IFF’s evolving identity
IFF’s new brand identity and tagline is: “Where science and creativity meet, captures the company’s long-standing focus on the dynamic interplay between artistry and science to deliver differentiated, integrated solutions to customers that amaze and delight. IFF is a force for good in its communities worldwide, accelerating sustainability-driven change across its industry.”
The IFF brand continues to be underpinned by three commitments, adapted to better reflect the new organization.
Question Everything: “We’re here to shake things up and forge a new path. We’re working at the cutting edge of artistry and science and encourage discoveries at every opportunity.”
Champion Creators: “We believe our differences make us great. We power companies of every shape, size and style with the ingredients, solutions and passion for converting ideas into impact.”
Do More Good: “Claiming perfection doesn’t help. We’re on a journey to do better for people and the planet. Every day we bring the talent, influence and responsibility to challenge the status quo constantly.”
Creating an agile and empowered business
“Today, we start a transformative journey together to become a center of innovation for our customers,” Fibig details.
“Our team believes passionately in the importance and benefit of being a purpose-driven enterprise. We are creating an agile, empowered and innovative business that provides exceptional service and delivers on our commitment to being an essential partner for our customers.”
Fibig concludes: “Critical to our success is our ability to foster an execution culture and embed values that support our promises to our people, customers, consumers and our communities. To that end, we have updated our cultural principles to ensure we have the foundation in place to empower our people to deliver on our commitments.”
Edited by Elizabeth Green
Source: foodingredientsfirst.com
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